Libya Company formation and Registration

Article by www.ghattour.com

Registering a Corporation in Israel
There is no restriction placed on an overseas resident who wants to set up a corporation in Israel.
No minimum capital has to be proven for an overseas resident to obtain approval to set up a corporation or to open a bank account in Israel.
Everyone is allowed to establish a company in Israel , on condition that the company is not illegal or immoral.
The company may have a single shareholder.
The company name must not be similar to other company's name in Israel, or have a name considered deceitful or misleading by the registrar.
A company with limited liability should include at the end of its name "Ltd" or "Limited Liability".
The application to register a company has to incude:

Copy of the articles of association.
Shareholders declaration.
Declaration of primary directors willing to act as directors.

The articles are in fact an agreement between the company and its shareholders and between themselves.
The articles must include the company name, goals and details about the share capital.
The registration fee is IS 2,345 . In the following years there is an annual fee of IS 1,277

Setting up a corporation in Israel through a lawyer takes 2 - 3 days and includes the following stages:

1. Preparing the Memorandum and Articles of Association.

2. Registration with the Companies Registrar

3. Adopting a resolution on the Directors of the Company/Authorized Signatories.

4. Opening a bank account for the corporation

5. Opening a file with the VAT Authorities

6. Printing tax invoices/receipts

7. Opening 2 files with the Income Tax
a. A Corporation file.
b. An Employers File (for the corporation employees)

Stages 1 - 3 are carried out by an attorney.
Stages 4 - 7 are carried out by a CPA.

The total average/initial cost of the lawyers and accountants fees excluding fees to the Companies Registrar amount to US$ 2,000- 2,500.

Bookkeeping Fees
The monthly payment to a CPA for bookkeeping is influenced directly by the extent of the work and quantity of documents. Nevertheless, the average monthly fee for small corporations is $300 - $600 a month, for medium corporations: $1,000 - $3,000 a month and for preparing an annual balance sheet, $1,300 - $3,000.

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